Tax audit under 44ab for share marketing business.
This query is : Resolved
Praveen Parmar
(Querist)
05 March 2016
An assessee doing in a business of share marketing who had turnover in F.Y. 14-15 more than 1 crore...
Who are liable for tax tax audit u/s 44AB ??
Ankur Singhal
(Expert)
05 March 2016
Dear
In case business is of share trading turnover means adding losses and profits arising through the transactions. In case losses are taken positive for calculation of turnover.
Yes if turnover is more than 1 cr audit u/s 44AB is compulsory.
In case business is of share trading turnover means adding losses and profits arising through the transactions. In case losses are taken positive for calculation of turnover.
Yes if turnover is more than 1 cr audit u/s 44AB is compulsory.
Rupesh Jain
(Expert)
05 March 2016
mr Praveen if he is doing share trading then reply by mr. ankur is ok.
but if he make marketing mean he getting the commission the receipts of commission will consider for u/s 44AB
but if he make marketing mean he getting the commission the receipts of commission will consider for u/s 44AB
Ankur Singhal
(Expert)
05 March 2016
Agree with the learned expert.
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